ATM card fraud:How to look out for warning signs and avoid getting scammed?

Almost every individual has some form of ATM card with them in this day and age. Whether it is a normal card or even a debit card, you can use this card to withdraw funds at the ATM terminal. But while this card offers flexible financial means to access funds, it also offers fraudsters the opportunity to earn a quick buck at the expense of you.

So how can you avoid being in a position where your bank account and the funds within in are vulnerable to others? The first step is to understand where the possible places and locations are your ATM card will be compromised. It is mostly in places where you would swipe your card. Here are few warning signs you can keep a look out in these places:

• A bulky card slot suggests that the ATM is compromised. A skimmer device may be in place, causing the added bulkiness. These devices are often indistinguishable from other real card readers as they are often placed above genuine readers. To confirm this, check for a gap between the reader and the pin pad.

• Loose or blocked card slots may indicate a system known as the ‘Lebanese Loop’. In this case, the strip of metal or plastic is inserted into the bank card slot, which traps the card within the card slot. Once the customer walks away to call for help or wait for assistance, the thieves return and retrieve jammed cards. To look out for such a scam, look out for a card reader slot that sticks out further than other parts of the machine.

• A loose or spongy pin pad can indicate a fake pin pad. Counterfeit pin pads allow thieves to retrieve your PIN number, as soon as you input it. Check and see if the pin pad is loose or thicker than normal.

While you are looking out for warning signs is one steps, you can always take certain measures to avoid being scammed. Here are a few steps you can take into consideration when you think your ATM card or the machine may have been tampered with:

• Instead of slipping your ATM card straight in, give it a bit of wiggle when sliding in. This is one way to deflect a skimmer device from reading your card properly. If a skimmer card has been placed on the genuine reader, the wiggle can dislodge it, and move it out of its place. Additionally, the wiggle movement will prevent the fraudulent card reader from completely reading your card.

• Covering your keypad as you enter your PIN number can also limit your chances of your card from being compromised. This is because most thieves also require the PIN code as well as your card details to access your funds. A simple step such as this one will prevent them from accessing your account.

RFC Account: All that a returning NRI needs to know

The financial market has always been a volatile one. While plenty of marketers and investors have spent considerable time and resources, researching about the market, they are still unable to completely predict the market trends. This can go a long way to affecting any investments, especially if the rates are being locked in for a long time.

Under these circumstances, any NRI who is returning to India, may think twice before converting their foreign currency into the local INR. Additionally, they would want to hold out on their foreign funds and investments, in order to anticipate for better conversion rates in the future. However, in order to meet the needs of such NRI’s, the government has offered the resident foreign currency account, especially for NRI’s who are returning home. Here is all that you need to know about the RFC account:

What is the RFC account?
Any NRI that is returning to India can open the RFC account. It can be maintained in foreign currency. Before opening the account, the NRI must satisfy certain criteria. For one, the applicant must maintain a minimum period of at least a year or return permanently to India. Additionally, the applicant should have returned to India on or after April 18, 1992, as per the RBI regulation.

What are the different options under the RFC account?
Under the RFC account, an applicant can opt for a RFC saving account or termed deposits. Under the saving account, the individual can invest in any of the three foreign currencies, namely the dollar, euro or the British pound. However, some banks also offer foreign investments in Japanese yet, as well as other selected currencies. Some banks even allow the applicant to open this account with the provision that will be converted into the above currencies.

What funds can be deposited or transferred from this account?
RFC accounts accept direct deposits of funds from bank account held outside India. Additionally, funds that are raised from selling foreign currency shares and foreign assets or balances from NRI or FCNR accounts can be used. Money can also be transferred externally from this account in the form of foreign currency. But if you are going to use the funds within India, then withdrawal from this account is permitted only in Indian rupees.

How can you open a RFC account?
When opening your account, you need to submit a photocopy of your passport, copy of your visa and immigration stamp that indicates that you have stayed outside the country continuously for a minimum of a year. Additionally, you will also need to submit the required amount of photographs to open the account.

Do you know these tricks to getting the best of your online mobile recharge?

Owning a smartphone is imperative today, if not a requirement for your daily habits. You can perform plenty of functions from your smartphone, right from its primary function such as making calls, to purchasing stocks on the stock market.

But in order to perform these activities, especially for a prepaid connection, you need to have a required balance. While you can always log online and get the required online mobile recharge, there are certain tips you can take into consideration to make the most of this recharge. They are given below:

Opt for the same connection operator in the family:
It is been noted that, at most 50% of all the calls that are being made, are made by one family member to the other. While the charges for these calls will be at a standard rate, you can actually save a lot of you recharge if you opt for a network connection that is used by all members in the family. Plenty of mobile networks are offering family covers and plans, which are designed to offer maximum communication, at the best price possible. In this way, you can get an online mobile recharge, which you and your family can make the most out of.

Get the best plan:
When you first apply for a network connection, you will apply for a connection plan that will last until you change it. However, since not many individuals are aware of the plan, they often rely on the operators to provide them with the best plans. In this case, this leads to a high expenditures which the user is not aware of. Therefore, you must look out for updated and the latest  plans available on the service provider website, where an individual can select the best plans according to their requirement and usage.

Take advantage of full talk time:
Plenty of network connections offer full talk times for prepaid connections. This is one of the highest value recharges, as it offers you the full recharge you pay for. In other words, if you pay Rs. 250 for a full talk time, you will get a recharge of 250. In most cases, the recharges that you make will not offer you the full amount as talk time, as you will need to pay service tax, amongst many other deductions.

Recharge discount:
Another benefit that comes from a full talk time, is the discount coupons for shopping and in their mobile wallets. The next time a user would want to recharge the phone, they can utilize the funds. The advantage of a discount is that, a user can choose any site for their recharge as their own mobile recharge wallet for paying the bill. Individuals can also search for discount coupons available on different sites.

Are you aware of these factors when purchasing a car insurance?

When it comes to purchasing car insurance, plenty of questions will arise. How much do you need, what do you need and how to decipher the jargon? In reality, purchasing a car insurance isn’t hard. All you need to understand is the lingo, know your rights and get the right coverage. The bottom line is, being informed will save your funds.

So if you are looking to purchase an auto insurance for the first time, or go shopping around for a new rate, you will need to be aware of these facts:

The way you use the car determines your car insurance rate:

Will you be using your car to commute on a daily basis or only on weekends? Will you also be using it for side money to drive for Uber? All these factors determine your insurance rates. So when you are shopping for this insurance, ensure the company known how well you use the car. This is because there is a considerable difference between personal use and business use. Your personal policy may not cover business use, especially if something were to happen to your vehicle while on the job. If you are agreeing to purchase a policy, be sure to clarify these points with your agent before agreeing to it. If you must, opt for an additional policy or supplemental coverage.

Be aware of the coverages that come under the insurance

There are plenty of coverages that can be included as a part of the auto insurance policy. In India, there are primarily three types of car insurance. It includes third party liability coverage, collision coverage and comprehensive coverage. Third party liability coverage will provide cover against legal liability to a third party cause when you were at fault. This is legally mandatory under India regulations. Collision coverage protects the insured financially against the damage of their own car. This does not include theft or vandalism. Comprehensive coverage is an extensive cover that includes damage to the car, theft of a vehicle, third party legal liability and personal accident cover. This coverage can further extend by opting for selected add - on. Each type of coverage will have its own cost associated with it. You will need to talk to your insurance agent to help you determine which coverage suits your needs and your budget.

Know your deductibles

As a part of the automobile insurance, you will need to pay a certain part as deductibles. The deductible is the amount you are contractually obligated to pay towards the cost of repairs, injuries and damages that are incurred as a part of a crash. The amount of a deductible is determined by the monthly cost of your auto insurance policy. In other words, if you pay a higher deductible, you will most likely need to pay a lower monthly insurance payment in the event of a collision. This is normally a part of the collision and comprehensive coverage.

What are the factors you need to consider when sending funds?

What was once a means to ensure survival and stability, has now transformed into an industry of its own. Previously, individuals who have travelled or settled abroad have always looked for options and means to send funds home, in the most quickest and convenient manner.

Today, the money transfer services have evolved, to offer more than just a convenience and fast service. They have also offered the means to track your transfer, get real time updates about your transfer and even opt for the means of delivering or receiving the funds. Additionally, money transfer services have gone beyond its primary function, which is namely money transfer. Now you can even transfer funds to purchase goods, to sell products, to donate funds to a charity or organization amongst many others.

But while there are plenty of services you can opt for, the fact remains that you will need to consider certain factors when opting to send money from any destination and for any purpose. The following factors you need to consider when opting for the best way to send money to India:

Time of the transaction
You may have heard how the financial market’s volatile conditions have affected monetary rates. This is no different for money transfer services. When sending funds from one country to another, the one factor that is taken into consideration is the currency conversion value. Therefore, when you are sending funds, you will need to take into consideration the time of transfer, as the currency conversion value will be locked in at that time. Additionally, you will also need to take into consideration the season when you are making a money transfer. Certain seasons before festival and auspicious times will have a higher demand of money transfers. Therefore, the charges for the money transfer will also increase during this time. 

Location of the transaction
Most of the money transfer institutes do offer global coverage. However, these global coverages will also have certain restrictions pertaining to the limitations of their own services. For example, an institute would have the means to make a money transfer from their own branch in the rural areas, but not to another institute. Additionally, while such institutes would offer the best way to send money to India to a rural area, they might charge an extra fee for locations outside their coverage. Therefore, you will need to consider the location from where you would be transferring or sending funds before opting to send money.

Customer Service
What happens when you want to know more about a particular transfer scheme but don’t know where to get the information from? What if you have queries about the rates of the transfer service, but don’t know who to contact? What if you need to know what steps to take before you make a transfer? Plenty of individuals have such queries but insufficient information on websites or other sources may not provide a satisfactory answer. This is where the customer service arises. Do check if the institute has a customer service, so that if you need any queries answered, you have the ideal source to contact.

EMI calculators: An essential tool to support the golden rules for loan borrowing

"In an ideal world, every individual would have sufficient funds for every needs. However, this cannot be said for the same in reality. In this reality, we would need to borrow funds to meet our goals, whether real or imagined. And with so many banks and financial institutes offering a wide range of options along with low rates, quick disbursals an easy processes, you may be become overwhelmed with the significance of it.

While the financial market and its conditions may change over time, the way loans are being disbursed and its prudent borrowing will remain unchanged for a long time. Any by following the golden rules of borrowing, you will get, only the best ideas possible. To assist you in this process, we provide you with the EMI calculator, and how it can assist you.

Don’t borrow more than you can repay:

The first rule you need to remember is live within your means. When taking on a loan, you must take one that is easy to repay. Certain statistics indicate that certain loans should not exceed certain percentage of your income. For example, the car EMI’s should not exceed 15% of your income. Similarly, a personal loan should not exceed 10% of your net monthly income. If your EMI’s consume a large sum of your income, it will impact other critical financial goals. To keep these percentages in check, you can always use the EMI calculator to calculate the ideal amount you need as EMIs for any loans, while protecting your income.

Keep your tenure as short as possible

May individuals are tempted to opt for long loan tenures when borrowing as they offer the convenience to repay the borrowed funds with ease. However, with long tenures, you will end up paying for larger EMI’s. Therefore, it is best if you take a loan for the shortest tenure you can afford. So how can you calculate the right loan tenure with the right outcome? By using the EMI calculator you can calculate the ideal outcome that will suit your need. If needed, you can adjust the loan tenure to suit your need when required. However, you must ensure you pay your EMIs regularly and in in a timely manner.

Avoid borrowing to splurge or invest

As far as possible, avoid borrowing funds to re – invest. Even if you take a loan against ultra-safe investments such a fixed deposits or bonds, the interest earned through these options may not match the interest you will pay on your loan. Alternatively, investments such as equities are too volatile. If you need to take a loan, take a loan to build an asset. But always use the EMI calculator to know much loan rates are applicable to you before proceeding with the loan application.

Important features to remember when sending money online

Money transfer has progressively risen over the last few decades. Previously, it was used a means for migrants to send money back home. Today, it is it used for various purposes, such as making online purchases, transferring funds for donations, and other similar financial transactions.

What previously was a means of living, has now become an industry of their own. More and more institutes, apart from banking institutes are offering this service all around the world. And while there are plenty of service options available, the technology used to transfer funds has also improved. For one, you can send funds through the online portal. No matter the destination, location or even requirement for a bank account or not, you can now easily send money online.

But like any other money transfer service, there are certain factors you will need to keep in mind when opting for this service.

Is the service reliable?
One of the main features of a money transfer service you need to always take into consideration is reliability. Is the money transfer institute or bank you are opting for, has sufficient years of experience? Do they have sufficient staff?  What is their success rate of transfer? How prepared are they to deal with delays or financial emergencies? The answers to these features determines how reliable the service is when it comes to sending money online. Once you have the answers to these questions, you will get a level of understanding of reliability of these services.

How convenient is the service?
Convenience is another key factor you will need to take into consideration when you want to send money online. Can you connect your bank account directly to the service? Or would you be required to create another account with the service itself and transfer funds to that account? In addition to the sender’s requirements and features, you will also need to take into consideration the receivers requirements. Does the receiver need an additional account? Can the receiver receive the transfer directly into the bank account? Is there a physical platform where the receiver can receive the funds directly? Getting a clear understanding on these factors will give you a better picture on the convenience of the service the financial or bank institute will offer.

What are the safety measures taken by the service?
While each institute may have its own reliability when it comes to money transfer, they must also have the means to ensure that the funds are safely transferred. This can be in the form of establishing secure log – ins, or even taking on strict measures to verify identities. Additionally, one should also take steps to track the transfer of funds, by providing regular and real time updates.

Apart from these features, there are plenty more that you can take into consideration. However, it is important that you are well aware of what the banking or financial institute is offering before you make the money transfer.